Terminology
What is competition?
The contest between organizations that provide similar products or services or that target the same audience of consumers
What are demographics?
Data that describes a group of people. (race, religion, gender, age, etc.)
What are psychographics?
Describes people by their personality traits, hobbies, interests, etc.
What is the definition of a target market?
Individuals or companies that are interested in a product or service and are willing to pay for it.
What is geographic data?
Data that helps a business determine where its potential customers live and how far they will travel to visit your business.
What is an interview?
A structured conversation where one participant asks questions, and the other provides answers verbally and is often one-on-one or in small groups
Identifying and examining the characteristics of a competing firm is called ____?
Competitive Analysis
What is primary data?
Information is collected for the very first time to fit a specific purpose.
What is a focus group?
A study in which a small group of people is interviewed informally and a moderator observes interactions
What is an interview with a group of potential customers who provide valuable feedback called?
Focus Group
Define market research.
Collecting, recording, and analyzing information about customers, products, and services.
What are the three types of competition?
Direct, indirect, replacement
What is a customer profile?
A description of the person or company that is likely to buy your product or service.
Define market segmentation.
Process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers
What are the two types of market research?
Primary and Secondary